Monday 19 August 2019

What it says in the papers: business pages

Michael Cogley

Here are the business stories you need to know about this morning:

Irish Independent

* Developers behind a plan to build 3,800 homes in south county Dublin will seek planning permission from Dún Laoghaire-Rathdown County Council for the first phase of work at the site as early as today.

US developer Hines' Irish arm is submitting a planning application to develop roads, parks and other infrastructure to allow the first stage in the construction of a new Town Centre and upgraded Business Park at the Cherrywood Strategic Development Zone (SDZ) in south Dublin.

The plan is ultimately to develop a new town that will become home to as many as 30,000 people.

* The executive board of the IFA is on the brink of collapse as county branches around the country call for its members to resign.

At least six county boards have now passed motions of no confidence in the executive board as grassroots members revolt in the wake of the payment controversy.

More county boards are expected to make similar calls as branches hold emergency meetings in the coming days and next week.

* Vodafone has officially launched its new high-speed fibre broadband offering, which it claims is up to 40 times faster than traditional broadband packages.

The new 'LightSpeed Broadband' range of broadband packages will officially launch today in Carrigaline, Co Cork. The Cork settlement is the first of 51 towns across Ireland to receive access to SIRO, a fibre network joint venture between the ESB and Vodafone that will run fibre along the ESB's power lines.

The new packages will have speeds ranging from 350 megabits per second (mbps) to one gigabit per second and will be available to both residential and business customers. Mbps is used to measure data transfer speeds. One megabit is roughly one eighth the size of a megabyte.

The Irish Times

* The rogue trader who cost AIB over $500m, John Rusnak, has said that he will not be testifying in a trial relating to his fraud.

AIB are suing Citibank for $872m in relation to Mr Rusnak's fraud claiming that the bank helped him keep his significant losses discreet by allowing him to hide them at its subsidiary, Allfirst.

AIB made the legal action against both Citibank and Bank of America back in 2003. With the case at Bank of America settled, AIB will pursue proceedings with Citibank 12 years after the original action.

* Minister for justice, Frances Fitzgerald, is said to be looking at reducing the term of bankruptcy from three years down to one.

It is understood that a new bill, brought forward by Labour TD Willie Penrose, with the intention of reducing the term will be accepted by the minister.

Sources said that there was full agreement over the bill which is due to be discussed this week.

* Over 25pc of Irish online shoppers have made a purchase from a Chinese website over the last 12 months according to a new report by PayPal.

The survey also found that 86pc of Irish online shoppers had made an international purchase over the last 12 months, amounting to approximately 1.9 million people.

Over three quarters of those surveyed said that they shopped in other countries to get a better price on items.

Irish Examiner

* A series of different financial institutions that consists of 24 different parties have offered to fund or provide social housing.

Hedge funds, banks, international investors and credit unions are amongst those who have offered options on the building of some 90,000 homes which the government have committed to building by 2020.

Minister for the environment, Alan Kelly, is said to decide on the best funding model for the housing scheme over the next two weeks.

* Profits at timber-processing company, Glennon Bros, which operates in Cork and Longford as well as having UK facilities, doubled to €9.3m last year.

Revenues in the company jumped by 18pc up to €124.38m while it made foreign exchange gains of €2.5m.

The company paid a corporation tax bill of €2.3m on its accumulated profits of €55.7m.

* AB may look to sell the Peroni and Grolsch brands as it bids to combine the world's biggest brewers in its deal to buy SABMiller for $107bn.

While no formal sale has been announced, the sale of Peroni and Grolsch would be seen as a move to gain regulatory clearance to complete the larger deal.

Analysts say that the AB SABMiller deal would create a new giant company that would control around half the profits of the industry.

Online Editors

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